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Port of Americas in financial straits
2009/4/28
A US$250 million line of credit approved by the previous administration towards developing the Port of the Americas mega-harbour in Ponce is on the verge of running out with $220 million already spent on the project, Caribbean Update reported.
Penuelas Mayor Walter Torres Maldonado, a member of the Port of the Americas Authority that oversees the project, said he met with the authority''s board of directors for the first time during the current government term.
During the meeting, members agreed the project needed an additional $480 million to finish the project. He added that the Shanghai Zhen Hua Port Machinery company has started construction of the cranes, which are slated to be ready by January 2010 and which will cost $22 million, out of which three quarters have already been paid.
Iglesias, Vazquez and Asociados another construction company involved in the project, also reported that construction of the container terminal at the port is 99.6 percent complete and that the first three phases of the mega-port itself are already finished as well.
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2009/4/29